China's retail fuel pricing tracks a ten-working-day moving average of benchmark crude. Brent has shed about $3.2 and WTI about $4.1 over the past two sessions; unless the remaining sessions rebound, the next ceiling-price reset likely brings a pump-price cut in the 0.12-0.16 yuan/litre range.

The implication for refiners and traders is direct: wholesale desks mark down inventories ahead of the reset, compressing the wholesale-retail spread on gasoline and diesel. By contrast, bonded bunker and low-sulphur fuel oil - today +0.64% at 4,253 yuan/t - sit outside the retail cap and price off the Singapore MOPS bunker spread, so the two pricing chains are diverging.

For the SNSUC supply hall, East China diesel and gasoline listings should be re-quoted on a post-reset net basis before the window lands, so landed margin is not swallowed by the narrowing spread.